Shae Bynes,GoodFaithInvesting.Com
It’s really interesting how much more confidence you have when you’ve already done something successfully. It seems that I’m finding it even easier to talk to people about opportunities to invest with us now that we’ve secured our first private lender. In fact,it looks like we have a second potential lender who is excited about working with us and diversifying her investments! She lives out of state,so I simply spoke with her via phone and shared my investor presentation with her. We’ll be meeting again next week to discuss the timing and details. If the answer is “right away”,we’re going to get busy and snag another rental property in the $50-70K range.
On a related note,I listened to Patrick Riddle’s webinar earlier this week and he reminded us of how simple it is to explain to someone what you do as an investor who is looking for private money. He called it the “Half-Minute Private Money Hook.” He mentioned the following key points:
(1) Tell them what you do in a way that a 2nd grader can understand it
(2) Target pain points [e.g. losses in the stock market;low returns]
(3) Give them your biggest benefit
(4) Get a YES
So for example when someone says “So what do you do?”,you can say something like “I buy,lease and sell houses and using cash from everyday individuals to do so. Typically we work with people who are tired of dealing with losses in the stock market and meager returns in traditional investments. What we do is offer good investment opportunities backed by real estate. Does that make sense?”
Super easy to do this!
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The Community Reivestment Act (democratic bill) pushed banks to make loans to unqualified home purchasers causing the housing boom and subsequently the housing bust. What a disaster.